The automaker reported a second-quarter profit miss
Ford Motor Co (NYSE:F) stock missed second-quarter profit expectations due to warranty costs, but beat on revenue. The automaker also stuck to its 2024 profit forecast and touted Ford+ restructuring plans. F was last seen down 16.6% to trade at $11.39, with price-target cuts coming from Goldman Sachs and BofA Global Research to $12 and $20, respectively.
F is on track for its third-straight loss and biggest single-day percentage drop since May 2009. The security is pivoting lower from a July 18, 52-week high of $14.85, earlier hitting its lowest level since January. In the last 12 months, Ford Motor stock dropped more than 15%.
Drilling down to today’s options activity, 93,000 calls and 181,000 puts have exchanged hands so far, which is seven times the volume typically seen at this point. The most active contract is the weekly 7/26 13-strike put, but new positions are being opened at the 11.50-strike put in that series.
Short-term options traders have been more bearish than usual. This is per the security’s Schaeffer’s put/call open interest ratio (SOIR) of 1.15 that sits in 91st percentile of annual readings.